The REINSW Vacancy Rate Survey results for July 2024 show that residential rental vacancies across New South Wales remain at crisis levels. 

“The residential rental vacancy rate for Sydney overall rose by 0.1% to be 1.8%, however  this is still a historic low,” REINSW CEO Tim McKibbin said. “While this is the highest rate  we’ve seen for Sydney over the past 12 months, let’s make no mistake that the rental  market is still in crisis. 

“Vacancies in each of the Inner, Middle and Outer Rings of Sydney increased over the last  month to be 2.4% (+0.2%), 1.7% (+0.1%) and 1.5% (+0.2%) respectively. Slight fluctuations are to be expected from month to month and, despite these increases, there’s  no doubt that the rental crisis continues to maintain its grip.” 

Residential rental vacancies in the Illawarra region experienced a slight uptick, however the  Hunter region dropped back. 

“In the Illawarra region, the vacancy rate rose by 0.2% to be 1.2%,” Mr McKibbin said. “In  contrast, vacancies in the Hunter region dropped to 1.4% (-0.2%).” 

A continuing increase in demand coupled with a further tightening of supply saw vacancy  rates tighten in many regional areas of New South Wales over the last month. 

“Vacancy rates in the Central Coast, New England, Northern Rivers, Orana, Riverina, South  Coast and South East areas all recorded decreases,” Mr McKibbin said. “Only the Albury,  Central West, Coffs Harbour and Murrumbidgee areas recorded slight increases. The Mid North Coast remained unchanged. 

“Demand for rental accommodation certainly isn’t slowing and, while this month’s survey  does show some easing in rates, it’s no cause for celebration. 

“The residential rental market may be fluctuating, but three things remain certain. The  availability of stock is at an all-time low, weekly rents are rising and tenants are faced with  ever-increasing living costs. 

“There’s no doubt that the challenges facing those involved in the residential rental market  in New South Wales remain significant.” 

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